Fitch Rates Oklahoma Turnpike Auth. Senior Rev Bonds 2020A and 2020B 'AA-'

Fitch Ratings

September 25, 2020

Fitch Ratings - Austin - 25 Sep 2020: Fitch Ratings has assigned an 'AA-' rating to the Oklahoma Turnpike Authority's (OTA) approximately $191 million series 2020A and $179 million federally taxable series 2020B second senior revenue refunding bonds. Fitch has also affirmed the rating on $1.8 billion in outstanding second senior revenue bonds at 'AA-'. The Rating Outlook on all bonds is Stable.

Summary: The rating reflects the turnpike system's demonstrated mature and stable traffic profile along with significant rate-making flexibility. In addition, the system's financial profile throughout the 10-year forecast period remains strong, factoring in approximately $1.1 billion of previously issued bonds for the authority's Driving Forward Program. The rating also reflects the availability of motor fuel excise tax (MFET) revenue in the flow of funds, which enhances debt service coverage ratios (DSCRs) consistent with the 'AA' category rating.

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